Slim picking new LatAm targets

16 Jan 2007

Telmex and its sister company América Móvil are seeking fresh investment opportunities in Latin America after their attempted joint purchase of a stake in CANTV was frustrated by Venezuelan President Hugo Chávez’ promise to nationalise the incumbent fixed line operator. A senior official at the group controlled by Mexican tycoon Carlos Slim told news agencies that: ‘We received no reply from Venezuelan authorities as to whether they would allow us to purchase the shares. We are simply losing an opportunity, but from the point of view of economics we did not spend a cent.’ The official identified several alternative countries as potential targets for telecoms acquisitions, including Colombia, Peru, Ecuador, Chile, Argentina, Brazil, and even Venezuela ‘if any good opportunity emerges.’

Venezuela, America Movil (AM), CANTV, Telefonos de Mexico (Telmex)